{"id":5024,"date":"2021-12-06T07:40:43","date_gmt":"2021-12-06T12:40:43","guid":{"rendered":"https:\/\/falconexpenses.com\/blog\/?p=5024"},"modified":"2022-03-07T21:30:15","modified_gmt":"2022-03-08T02:30:15","slug":"receipts-for-taxes","status":"publish","type":"post","link":"https:\/\/falconexpenses.com\/blog\/receipts-for-taxes\/","title":{"rendered":"Do you have to keep paper receipts for taxes?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d5055237997\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d5055237997\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/falconexpenses.com\/blog\/receipts-for-taxes\/#Read_this_article_if_youre_a_small_business_self_employed_or_freelancer_and_want_to_know_do_you_have_to_keep_paper_receipts_for_taxes\" >Read this article if you\u2019re a small business, self employed, or freelancer and want to know, do you have to keep paper receipts for taxes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/falconexpenses.com\/blog\/receipts-for-taxes\/#Do_you_have_to_keep_paper_receipts_for_taxes\" >Do you have to keep paper receipts for taxes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/falconexpenses.com\/blog\/receipts-for-taxes\/#What_does_the_IRS_require_you_to_keep\" >What does the IRS require you to keep?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/falconexpenses.com\/blog\/receipts-for-taxes\/#When_do_you_have_to_keep_paper_receipts_for_taxes\" >When do you have to keep paper receipts for taxes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/falconexpenses.com\/blog\/receipts-for-taxes\/#What_to_do_if_you_get_audited\" >What to do if you get audited?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/falconexpenses.com\/blog\/receipts-for-taxes\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<h2 class=\"wp-block-heading\" id=\"read-this-article-if-you-re-a-small-business-self-employed-or-freelancer-and-want-to-know-do-you-have-to-keep-paper-receipts-for-taxes\"><span class=\"ez-toc-section\" id=\"Read_this_article_if_youre_a_small_business_self_employed_or_freelancer_and_want_to_know_do_you_have_to_keep_paper_receipts_for_taxes\"><\/span>Read this article if you\u2019re a small business, self employed, or freelancer and want to know, do you have to keep paper receipts for taxes?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><a href=\"https:\/\/falconexpenses.com\/blog\/wp-content\/uploads\/2022\/02\/paper-receipts-for-taxes.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"563\" src=\"https:\/\/falconexpenses.com\/blog\/wp-content\/uploads\/2022\/02\/paper-receipts-for-taxes.png\" alt=\"Do you have to keep paper receipts for taxes?\" class=\"wp-image-5504\" srcset=\"https:\/\/falconexpenses.com\/blog\/wp-content\/uploads\/2022\/02\/paper-receipts-for-taxes.png 1000w, https:\/\/falconexpenses.com\/blog\/wp-content\/uploads\/2022\/02\/paper-receipts-for-taxes-300x169.png 300w, https:\/\/falconexpenses.com\/blog\/wp-content\/uploads\/2022\/02\/paper-receipts-for-taxes-768x432.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption>Are you wondering if you have to keep your paper receipts for taxes? Read this article to find out.<\/figcaption><\/figure>\n\n\n\n<p>Do you have boxes full of paper receipts?<br><br>Small business owners, self-employed, freelancers, independent contractors, or any taxpayer has at one point wondered if they need to hang on to their paper receipts.<br><br>Most of you have probably asked yourself, do you need original receipts for tax purposes?<\/p>\n\n\n\n<p>If you\u2019ve asked yourself this question then you definitely want to keep reading this article.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"do-you-have-to-keep-paper-receipts-for-taxes\"><span class=\"ez-toc-section\" id=\"Do_you_have_to_keep_paper_receipts_for_taxes\"><\/span>Do you have to keep paper receipts for taxes?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IRS doesn&#8217;t mention anything about keeping paper receipts except in one case. See more details on that below. In fact, the IRS says, \u201cElectronic information management has become the standard in the private sector&#8230; instead of continuing to use traditional paper books\u201d.<\/p>\n\n\n\n<p><strong>Related: <a href=\"https:\/\/falconexpenses.com\/blog\/self-employment-tax-deductions\/\">The Complete List of Small Business and Self Employment Tax Write Offs<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-does-the-irs-require-you-to-keep\"><span class=\"ez-toc-section\" id=\"What_does_the_IRS_require_you_to_keep\"><\/span>What does the IRS require you to keep?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/what-kind-of-records-should-i-keep\" target=\"_blank\" rel=\"noreferrer noopener\">IRS requires<\/a> you to keep the following records:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Merchant<\/li><li>Date<\/li><li>Amount<\/li><\/ul>\n\n\n\n<p>Basically, what you bought, when you bought it, and for how much. There is no mention of paper receipts at all. So go right ahead and keep a digital record of your business expense purchases for taxes. Check out this article for a complete list of <a href=\"https:\/\/falconexpenses.com\/blog\/irs-rules-for-recording-business-expenses-travel-transportation-meals-and-entertainment\/\">IRS expense record-keeping requirements<\/a> for all expense types,&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"when-do-you-have-to-keep-paper-receipts-for-taxes\"><span class=\"ez-toc-section\" id=\"When_do_you_have_to_keep_paper_receipts_for_taxes\"><\/span>When do you have to keep paper receipts for taxes?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For purchases over $75, you need to keep paper receipts. So if you take a client out to an expensive meal, and it cost over $75 then you need to keep a paper receipt. For all other purchases, as long as they\u2019re considered \u2018reasonable and ordinary\u2019 expenses, you don\u2019t need a receipt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-to-do-if-you-get-audited\"><span class=\"ez-toc-section\" id=\"What_to_do_if_you_get_audited\"><\/span>What to do if you get audited?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IRS is legally required to accept digital proof of purchases for tax write-offs. So don\u2019t worry. In addition, digital forms of proof of purchase include bank statements and credit card statements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Stop hoarding paper receipts. Instead, use a reliable <a href=\"https:\/\/falconexpenses.com\/blog\/business-expense-receipt-management\/\">receipt keeper app<\/a> like <a href=\"https:\/\/falconexpenses.com\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Falcon Expenses<\/strong><\/a>.<br>Download <a href=\"http:\/\/bit.ly\/2sXMFNr\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Falcon Expenses on the app store<\/strong><\/a>, it&#8217;s free.<\/p>\n\n\n\n<p>With Falcon Expenses snap pictures of receipts and safely store them for when you need them. Categorize, tag, and organize receipts into reports. Export receipts and reports whenever you need them via email, all from your phone. Receipt images, along with the IRS required data are nearly organized into reports for your boss, accountant, or personal records. Your receipt images are organized in Falcon Expenses <a href=\"https:\/\/falconexpenses.com\/blog\/falcon-expenses-expense-report-template\/\">IRS compliant expense report template<\/a> export. Export expense reports in PDF or spreadsheet formats.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>Read this article if you\u2019re a small business, self employed, or freelancer and want to know, do you have to&#46;&#46;&#46;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":20,"featured_media":5504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,15],"tags":[2744,2743,37,2933,67,1832],"class_list":["post-5024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-taxes","category-expenses","tag-irs-record-keeping-requirements","tag-paper-receipts","tag-receipts","tag-self-employed-taxes","tag-small-business","tag-sole-proprietor"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/posts\/5024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/comments?post=5024"}],"version-history":[{"count":1,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/posts\/5024\/revisions"}],"predecessor-version":[{"id":5864,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/posts\/5024\/revisions\/5864"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/media\/5504"}],"wp:attachment":[{"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/media?parent=5024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/categories?post=5024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/tags?post=5024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}